Commonwealth Bank London migrant banking
Apr 6th 2004, 7:17 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Mar 2003
Posts: 9,397
Commonwealth Bank London migrant banking
Went to CBA London today for pre-arranged meeting.
FYI, I did think that we would have a group presentation, Q & As and then a personal meeting to set up an account if requested. It turns out, however, to be a one-on-one in a room.
They did fit us in early (we had encountered no traffic) but it was all rather unstructured, and information about accounts, security, access and the like only seemed to be forthcoming if we asked - there was little evidence of a coherent plan to explain everything from the bottom up. (We did both have colds, which may have made us more thick than usual).
No carrier bag, either.........
All in all I have to wonder exactly why they structure it around having a UK account as well as the Oz one. It doesn't make that much sense except as a means of making you use them for cash transfers.
Can't comment on their service but I wouldn't go up to the smoke especially to get information about their products. Fortunately we were able to get several other things done so it was not a wasted day.
FYI, I did think that we would have a group presentation, Q & As and then a personal meeting to set up an account if requested. It turns out, however, to be a one-on-one in a room.
They did fit us in early (we had encountered no traffic) but it was all rather unstructured, and information about accounts, security, access and the like only seemed to be forthcoming if we asked - there was little evidence of a coherent plan to explain everything from the bottom up. (We did both have colds, which may have made us more thick than usual).
No carrier bag, either.........
All in all I have to wonder exactly why they structure it around having a UK account as well as the Oz one. It doesn't make that much sense except as a means of making you use them for cash transfers.
Can't comment on their service but I wouldn't go up to the smoke especially to get information about their products. Fortunately we were able to get several other things done so it was not a wasted day.
Apr 6th 2004, 7:24 pm
#2
What's happening dudes?
Joined: Mar 2004
Location: Bayside Brisbane
Posts: 20,647
Re: Commonwealth Bank London migrant banking
Originally posted by Rog Williams
No carrier bag, either.........
No carrier bag, either.........
Apr 7th 2004, 11:08 am
#3
Bloody Nice Bloke
Joined: Nov 2003
Location: Living the good life in sunny St Kilda
Posts: 386
For me the comm Bank is just a vehicle to get my money over to Oz. The account was setup last year and is sat there totally empty.
Once my house sells, I will transfer the Forward Contract I have done with HIFX into the Comm bank account. They will transfer my A$ to Melbourne for me.
When I arrive in Melbourne I go into the HSBC bank, open an account, transfer my money into my new account and close my Comm bank account.
Once my house sells, I will transfer the Forward Contract I have done with HIFX into the Comm bank account. They will transfer my A$ to Melbourne for me.
When I arrive in Melbourne I go into the HSBC bank, open an account, transfer my money into my new account and close my Comm bank account.
Apr 7th 2004, 6:02 pm
#4
Lost in BE Cyberspace
Thread Starter
Joined: Mar 2003
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Originally posted by ianj
For me the comm Bank is just a vehicle to get my money over to Oz. The account was setup last year and is sat there totally empty.
Once my house sells, I will transfer the Forward Contract I have done with HIFX into the Comm bank account. They will transfer my A$ to Melbourne for me.
When I arrive in Melbourne I go into the HSBC bank, open an account, transfer my money into my new account and close my Comm bank account.
For me the comm Bank is just a vehicle to get my money over to Oz. The account was setup last year and is sat there totally empty.
Once my house sells, I will transfer the Forward Contract I have done with HIFX into the Comm bank account. They will transfer my A$ to Melbourne for me.
When I arrive in Melbourne I go into the HSBC bank, open an account, transfer my money into my new account and close my Comm bank account.
Best was Fidelity (2.4126), next was CBA at 2.40 and last was HIFX at 2.3910.
There was of course a difference of a couple of minutes in the quotes, but it is still over $1000 difference!
Apr 8th 2004, 9:05 am
#5
Bloody Nice Bloke
Joined: Nov 2003
Location: Living the good life in sunny St Kilda
Posts: 386
A lot depends on how much you are transferring as to the rate you will get. You will very rarely get the rate advertised as these are 'inter-bank' rates used for transferring shed loads of money.
I purchased mine on a forward contract 3 weeks ago when the rate was at the 6 month high. I was lucky enough to get 2.45 so my £50K netted me A$122,500. Only have to pay 10% of that now and the remainder when I complete the contract (which will be when my house sells).
Just before I go I will do a 'spot' with what I have left from my house sale and will take my chances on that day. I am happy though as its one less thing to worry about and having kept an eye on the rate since I jumped in it seems I did it at the right time. It may go up by the time I sell and go but thats life. If it stays where it is or goes down even further then I am a happy man.
Takes your chances, I am happy with what I got and I have one less thing to consider. Nobody knows what the market will do (not even the dealers, or they would all be millionaires) so go with what you feel comfortable with.
I purchased mine on a forward contract 3 weeks ago when the rate was at the 6 month high. I was lucky enough to get 2.45 so my £50K netted me A$122,500. Only have to pay 10% of that now and the remainder when I complete the contract (which will be when my house sells).
Just before I go I will do a 'spot' with what I have left from my house sale and will take my chances on that day. I am happy though as its one less thing to worry about and having kept an eye on the rate since I jumped in it seems I did it at the right time. It may go up by the time I sell and go but thats life. If it stays where it is or goes down even further then I am a happy man.
Takes your chances, I am happy with what I got and I have one less thing to consider. Nobody knows what the market will do (not even the dealers, or they would all be millionaires) so go with what you feel comfortable with.
Apr 8th 2004, 10:25 am
#6
Banned
Joined: Dec 2003
Posts: 150
Originally posted by Rog Williams
While I was in CBA I did a comparison of rates for changing £50k into AUS$.
Best was Fidelity (2.4126), next was CBA at 2.40 and last was HIFX at 2.3910.
There was of course a difference of a couple of minutes in the quotes, but it is still over $1000 difference!
While I was in CBA I did a comparison of rates for changing £50k into AUS$.
Best was Fidelity (2.4126), next was CBA at 2.40 and last was HIFX at 2.3910.
There was of course a difference of a couple of minutes in the quotes, but it is still over $1000 difference!
Apr 8th 2004, 11:32 am
#7
Lost in BE Cyberspace
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Joined: Mar 2003
Posts: 9,397
Originally posted by jumbo
How do I contact Fidelity please?
How do I contact Fidelity please?
You buy Fidelity Currency Fund units (they have about a dozen currencies) in Aus$. They quote you on the phone, and you obviously get a better rate for higher amounts. The second million is best....
It takes a day or two to get the paperwork but when you want to they will sell the units - you keep the number of $$ you went in at plus the interest that the fund accumulated - and wire the proceeds as you wish. They do not charge for the transfer.
